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Japan's Cabinet approved an interim bill on August 8 to lower the consumption tax on food and beverages and to provide income-linked cash handouts to low-income earners, seeking passage in the current Diet session. The government hopes the measures will ease the financial strain on households as living costs remain high. The bill now goes to the Diet for debate and review.
Pakistan's government has subsidized petrol for more than 9.5 million people under a fuel support program launched by the prime minister, offering 100 rupees per liter to owners of motorcycles, rickshaws and small cars. Officials say the scheme has reached lower-income groups, but economists warn that the most vulnerable households — including public transport users and diesel vehicle owners — remain excluded, with savings too small to offset a broader cost-of-living shock.
Iranian Parliament Speaker Mohammad-Bagher Ghalibaf has warned that a "specter of terrorism" awaits the US economy, in his latest hardline statement amid ongoing Tehran-Washington tensions. The full text of the remarks has not been released, and analysts see it as a warning message.
Prime Minister Sanae Takaichi pledged in a policy speech on Monday to cut the consumption tax on food products without issuing new government bonds. She said the reduction would be funded within the existing budget framework, a move aimed at reassuring financial markets about Japan's fiscal outlook.
Zambian President Hakainde Hichilema was sworn in for a second and final term on Tuesday, pledging to make economic growth felt by citizens. The ceremony, however, was clouded by election observer concerns about the vote's conduct and the detention of his main rival, Brian Mundubile, on treason charges.
Tokyo stocks plunged over 3% on Wednesday as higher Japanese government bond yields and inflation concerns driven by a spike in oil prices amid renewed US-Iran tensions weighed on the market. Investors shifted to safer assets, while geopolitical and monetary policy uncertainties kept sentiment cautious.
A recent Kyodo News report warns that the number of foreign nationals leaving Japan may accelerate due to stricter visa rules. This trend could worsen labor shortages in key industries and challenge Japan's economic stability.
A hawkish Bank of Japan member has called for a flexible, "nimble" approach to interest rate hikes, as the central bank navigates monetary tightening amid a fragile economic recovery. The remarks, reported by Kyodo News, highlight the need to avoid rigid policy plans in the face of economic and inflation uncertainties.
US Treasury Secretary Scott Bessent urged G20 nations to adopt tariff-like measures to counter trade imbalances, singling out China for its export surge. He warned that non-market economies are 'draining' global growth, though critics note US tariffs have raised consumer costs.
